Question No 03 Chapter No 15 – USHA Publication 11 Class

Question No 03 Chapter No 15

Question No 03 Chapter No 15

Bill Retained till due date

3. Dutta sold goods to Kumar for Rs 5,000 on 1st March, 2017. on the same date, Dutta draws a bill of exchange at two months of Kumar for the amount. Kumar accepts it and sends back to Dutta. Dutta retained it till due date. The bill is paid on the due date. Pass journal entries in the book of Dutta and Kumar.

The solution of Question No 03 Chapter No 15: –


In the books of Dutta (Drawer)
Date   Particulars
L.F. Debit Credit
2017          
Mar.01 Kumar A/c Dr   5,000  
  To Sales A/c       5,000
  (Being goods sold on credit)        
           
Mar.01 Bills Receivable A/c Dr.   5,000  
  To Kumar A/c       5,000
  (Being acceptance received for 2 months)      
         
May.04 Cash A/c Dr.   5,000  
  To Bills Receivable A/c       5,000
  (Being bill received on maturity date )      
         

 


In the books of Kumar(Drawee)
Date   Particulars
L.F. Debit Credit
2017          
Mar.01 Purchases A/c Dr   5,000  
  To Dutta A/c       5,000
  (Being goods bought on credit)        
           
Mar.01 Dutta A/c Dr.   5,000  
  To Bills Payable A/c       5,000
  (Being acceptance given for 2 months)      
         
May.04 Bills Payable A/c Dr.   5,000  
  To Cash A/c       5,000
  (Being bill paid on maturity date )      
         

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 


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Also, Check out the solved question of all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

 

 

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